London has been battered by 50mph winds that have felled trees and caused travel chaos. Powerful gusts swept across the capital as the Met Office issued a yellow "be aware" weather alert for most of the country.

Old Mutual to list US unit as profits climb

Old Mutual unveiled plans to list its US asset management business today in a move that could value the division at $2.6 billion (£1.6 billion).

The FTSE 100 conglomerate has insurance, banking and asset management businesses in 30 countries but has been looking to slim down its operations following an expensive acquisition spree in the lead-up to the financial crisis.

The company now hopes to take advantage of the global stock market rally by offloading a minority stake in Old Mutual US Asset Management, which has $257 billion under management. However, it did not specify how large the stake it floats in the US will be.

Old Mutual detailed plans of the listing alongside its 2013 annual results with pre-tax profits up to £1.5 billion, compared to £1.38 billion in 2012. Investors will receive a final dividend worth 6p, 14% higher than last year.

Julian Roberts, chief executive, said the company had performed strongly in Africa, despite the falling rand in its native South Africa.

“We are growing in South Africa with more than 750,000 new Old Mutual and Nedbank customers,” he added. “We have taken significant steps towards our goal of becoming Africa’s financial services champion, with new businesses in East and West Africa and nearly 600,000 new customers.”